Gary Cahill is a target for Chelsea and a potential fee of £7m-£10m would allow Owen Coyle to strengthen his Bolton squad. Photograph: Richard Sellers/Sportsphoto

Arsenal

What they need Arsène Wenger requires short-term cover at left-back to compensate for the serious injuries to André Santos and Kieran Gibbs while he also wants something similar up front, where he only has three recognised centre-forwards and will lose one of them – Marouane Chamakh – and the winger Gervinho to the Africa Cup of Nations. There are constant worries that Robin van Persie will break down.

Money to spend Yes. Lots. And Arsenal's fans want to see the club's multi-million pound profits spent on eye-catching recruits.

Ins and outs Wayne Bridge is on the list of left-back loanees while Wenger is interested in the Köln striker Lukas Podolski. Thierry Henry is expected to return on a two-month loan from the New York Red Bulls. Wenger is keen to offload Andrey Arshavin. David Hytner

Aston Villa

What they need Desperately need to strengthen central midfield with an attacking player capable of injecting some creativity into a team that has often played with a lack of imagination and struggled to score goals.

Money to spend Alex McLeish has admitted that he will have to adopt a sell-to-buy policy. "I can't just go into the market without there being a kind of balance," the Villa manager has said.

Ins and outs There is interest in taking the young Chelsea midfielder Josh McEachran on loan and McLeish has also been linked with a move for Rangers' former Villa player Steve Davis. McLeish has said selling Darren Bent to raise funds would "send out the wrong message". Finding a club to take Stephen Ireland, the highest-paid player at the club, would make more sense, although that will be easier said than done. Stuart James

Blackburn Rovers

What they need A defence that has conceded 39 goals - second only to Bolton Wanderers - must have ballast added or the bottom-placed club will stay there. Yakubu Ayegbeni has done well but he tends to fade so a striker plus a midfielder – as David Dunn is injury prone – are required.

Money to spend Despite Steve Kean saying: "I am very optimistic we will get funds. The financial side of the club is dealt with by the financial directors and the people that crunch the numbers," it seems doubtful there will be any sizeable amount as the owners, Venky's, have documented problems financing Rovers. January could test Kean's ability to secure loan signings or cut-price deals with the Scot stating he wants at least four additions.

Ins and outs Fulham's Andy Johnson would cost around £2m and Kean is interested while Christopher Samba is again attracting attention, from some of the bigger clubs - Spurs are one - though given the problems in defence, Kean would hope to wholly reinvest the £8m he could raise from the defender's sale. Jamie Jackson

Bolton Wanderers

What they need Twelve points from 18 games, with 14 defeats and the worst defence in the league, it's very simple for Bolton: they require improvements in every department, especially as Owen Coyle has a full XI out of contract at the end of the season.

Money to spend Not much. Bolton have had no choice but to be frugal ever since it was revealed their debt was over £100m last year.

Ins and outs Gary Cahill is almost certainly on his way out, with firm interest from Chelsea and Tottenham Hotspur, so a central defender is the priority. Nedum Onuoha is available from Manchester City, who may also discuss a permanent deal for the on-loan Dedryck Boyata. Daniel Taylor

Chelsea

What they need The manager. André Villas-Boas, has identified a centre-back to replace Alex, and could seek to strengthen his attacking ranks with Nicolas Anelka sold to Shanghai Shenhua and both Didier Drogba and Salomon Kalou away at the Africa Cup of Nations.

Money to spend Yes, though the bulk of Villas-Boas's revamping of his squad will be reserved for the summer.

Ins and outs Gary Cahill should arrive from Bolton for around £7m, and there is strong interest in the out-of-favour Juventus winger Milos Krasic, who may be taken initially on loan. Josh McEachran and Ryan Bertrand may be loaned out, while Gaël Kakuta is moving to Dijon until the end of the season. Dominic Fifield

Everton

What they need Everton have scored just 18 goals in 17 league matches – only Wigan and Swansea have a lower tally in the Premier League. David Moyes said earlier this month that his team "need a striker badly. We needed one badly last season if we are honest."

Money to spend Everton's transfer spending has been feeble and Moyes is still not sure how much he will have to spend in January. Tottenham, Chelsea, Manchester City and Manchester United have all been linked with a transfer in the region of £20m for the midfielder Jack Rodwell, which could raise funds.

Ins and outs Landon Donovan will arrive on a two-month loan deal after a successful loan deal in 2010. Offers for Rodwell are sure to come in. Tom Lutz

Fulham

What they need Martin Jol is still attempting to make this side his own, with the process of clearing the decks somewhat painful to endure. The team needs goals and the squad some refreshing.

Money to spend The chairman, Mohamed Al Fayed, sanctioned the £9.5m arrival of Bryan Ruiz in the summer and has rarely been afraid to spend, though money may also have to be raised through sales.

Ins and outs Jol is likely to tap into his knowledge of the Bundesliga and Dutch football as he seeks to recruit, though there is interest in the former Spurs full-back Chris Gunter, currently with Nottingham Forest. Bobby Zamora appears likely to leave, while there is interest in Andy Johnson with the striker out of contract in the summer. Both players would need to be replaced. DF

Liverpool

What they need A striker, desperately. A lack of ruthlessness in front of goal has cost Liverpool already and with Andy Carroll still struggling to make an impact and Luis Suárez set to be banned for a lengthy spell, the club's top-four hopes are likely to evaporate unless a poacher is brought in next month.

Money to spend John W Henry, the club's principal owner, has backed Kenny Dalglish with sizeable funds during the last two transfer windows and is likely to do so again.

Ins and outs Liverpool have supposedly told Aston Villa that they are interested in Darren Bent while there also could be a move for a midfielder to cover Lucas Leiva's long-term injury. Swansea's Joe Allen and Fiorentina's Riccardo Montolivo have been mentioned. Sachin Nakrani

Manchester City

What they need The league leaders have only three strikers now Carlos Tevez is on strike and three central defenders when Kolo Touré leaves for the Africa Cup of Nations, so an injury or two in key areas could be costly. Ideally, Roberto Mancini would like a forward, a central midfielder and a centre-back.

Money to spend Not as much as most people reckon. The club revealed an annual loss of £195m and, mindful of Uefa's Financial Fair Play rules, Mancini says he may have to sell before he can buy.

Ins and outs Mancini likes Thiago Silva at Milan and Barcelona's Gerard Piqué but considers them out of reach, and the same might apply to Daniele De Rossi of Roma. Tevez and the fringe players Wayne Bridge and Nedum Onuoha should leave – and it may be that nobody arrives. DT

Manchester United

What they need The champions are short in central midfield, though Sir Alex Ferguson has repeatedly stated that he is satisfied with the squad as it is.

Money to spend The club tried to sign Wesley Sneijder and Samir Nasri in the summer so, in theory, there should still be money available. Ferguson insists that is the case, but the Glazer family operate in a way that makes it difficult to be certain.

Ins and outs Unless Ferguson was being economical with the truth and has a surprise in store, it is unlikely United will bring in anyone. "It can be disruptive," says Ferguson, who will loan out Federico Macheda and Mame Biram Diouf. DT

Newcastle United

What they need A centre-back and a specialist left-back. Alan Pardew says he has abandoned plans to sign another striker.

Money to spend The £35m accrued from selling Andy Carroll last January has barely been touched but Pardew is only likely to be able to spend a maximum of £10m, possibly much less.

Ins and outs The ruptured achilles tendon that ended the captain Steven Taylor's season means Pardew is casting covetous eyes at Blackburn's Christopher Samba, Ajax's Jan Vertonghen and West Ham's James Tomkins. Erik Pieters, the Holland and PSV Eindhoven left-back, is another player on the wishlist. Alan Smith will be allowed to leave although his high wages may put off potential suitors. LT

Norwich City

What they need 27Twenty-seven goals scored and 33 conceded (with no clean sheets) to leave a difference of minus six suggests additions in attack and in defence are required by Paul Lambert, who says: "I have told the club the players I would like to try and get in."

Money to spend To listen to Lambert not a great deal: "We have to box clever with what we are trying to do. It is up to the club to try and sort something out."

Ins and outs Lambert had a big clearout during the summer and this is now his squad so he will hope to keep it intact. Nottingham Forest's Chris Gunter, who would cost around £1m, is a target to strengthen the defence, and Lambert will monitor Andy Johnson's situation at Fulham, where the striker is holding out for a longer new deal. JJ

Queens Park Rangers

What they need Now 16th, QPR have scored an uninspiring 18 goals in their 18 league outings so Neil Warnock needs a striker and he is also strident about the requirement for defensive reinforcements.

Money to spend Yes, anything up to between £10m and £12m as Tony Fernandes, the owner, is not afraid to invest.

Ins and outs The Spurs central defender Sébastien Bassong remains a target but Daniel Levy, Tottenham's chairman, is playing financial hardball as he did in the summer. Bobby Zamora appears to have fallen out permanently with Martin Jol and Warnock would love to sign the Fulham striker. If QPR were to receive a sizeable offer for the disappointing Adel Taarabt they may be tempted to sell. Heidar Helguson, the club's top-scorer, recently signed a new contract. JJ

Stoke City

What they need Not much. Stoke have a sizeable and experienced squad, are sitting in eighth place in the Premier League and have reached the knock-out stage of the Europa League. Other than a quality central midfielder it is difficult to see where else Tony Pulis needs to strengthen.

Money to spend Peter Coates, the Stoke chairman, and Pulis have both admitted there will be no repeat of the summer splurge that saw five players arrive and £18m spent on deadline-day alone.

Ins and outs This window will see more departures than arrivals at the Britannia Stadium. Danny Collins, Andrew Davies and Danny Pugh are likely to move on. Mohamed Diamé, the Wigan midfielder, is a potential signing. SJ

Sunderland

What they need Still assessing his newly inherited squad, Martin O'Neill says he is not quite sure yet. His team are light in the attacking department and also lack both a specialist left-back and a left winger as well as central defensive cover.

Money to spend O'Neill says he has not yet discussed the subject of potential transfer activity with the club's owner, Ellis Short. Steve Bruce, O'Neill's predecessor, had been told January funds would be extremely tight. A spending spree seems unlikely.

Ins and outs Fulham's seemingly discontent centre forward Bobby Zamora is said to be admired by O'Neill. Meanwhile, Sunderland's new manager says he does not want to release anyone before he has given them a proper chance. LT

Swansea City

What they need Away points: a tally of no wins and three draws from nine games on the road illustrates the extent to which Brendan Rodgers's side have struggled. A goal return of only six on their travels means a new striker is on the radar.

Money to spend Will be minimal so the manager will hope to finagle bargains and/or loans: "In the Premier League there are some who have all the money and some who haven't, but we just have to keep on scrapping away," Rodgers says.

Ins and outs Rodgers's most wanted is Rory Donnelly, 19, of Northern Ireland club Cliftonville, with reports suggesting the manager has upped his bid of £100,000 to stave off Liverpool and Everton. Rodgers is also hoping to take Josh McEachran from Chelsea on loan but Bolton and Aston Villa are ahead in the chase. JJ

Tottenham Hotspur

What they need Harry Redknapp has taken to muttering about how "one big signing" could make a real difference. He wanted to see serious investment in the summer of 2010 and he felt that the club missed a trick to establish themselves in the top four when it was not forthcoming. As usual, he will remind Daniel Levy of the need to push the boat out.

Money to spend Yes, and there would be plenty more if Roman Pavlyuchenko, Giovani dos Santos, Vedran Corluka and Niko Kranjcar moved.

Ins and outs The big rumour is a loan for Carlos Tevez, although his wages would surely be a problem and they already have Emmanuel Adebayor on loan from Manchester City; the rules permit no more than one loan from the same club. Redknapp likes Blackburn's Junior Hoilett. DH

West Bromwich

What they need Albion have reasonable depth to their squad and cover in most positions, although Zoltan Gera's long-term injury has left a creative hole to fill between now and the end of the season.

Money to spend Funds will be available, although Albion will not be breaking the bank, especially after spending heavily on Shane Long in August.

Ins and outs Dundee United's Scott Allan, who has caught the eye of a number of Premier League clubs, is likely to be the first through the door in a deal worth around £400,000. There is also interest in Sunderland's Craig Gardner, who has failed to settle in the north-east. Expect the Republic of Ireland striker Simon Cox to go out on loan and a number of other fringe players to follow him. SJ

Wigan Athletic

What they need Barring their 5-0 loss at Manchester United, Wigan have been in impressive form recently, drawing with Chelsea and Liverpool. Despite playing some attractive football they are the Premier League's lowest scorers and need a striker to boost their often lightweight attack.

Money to spend Wigan's chairman, Dave Whelan, has always been supportive of Roberto Martínez, who has said he has identified transfer targets but will not be rushed into panic buys.

Ins and outs Martínez has been linked with a loan move for Manchester United's Federico Macheda, although the striker is hardly a proven goalscorer. Arsenal have shown some interest in Hugo Rodallega while Mohamed Diamé could be off to Stoke City. TL

Wolves

What they need A commanding presence in the centre of midfield and, on the evidence of Roger Johnson's first half of the season, a central defender.

Money to spend Mick McCarthy will be backed by Steve Morgan, the chairman, if the right players become available but Wolves will not be big spenders.

Ins and outs Wolves have already completed the signing of the Iceland utility player Eggert Jonsson from Hearts on a three-and-half-year contract from 1 January. They are expected to rival Stoke for Wigan's Mohamed Diamé and compete with their neighbours West Bromwich Albion for the signature of Craig Gardner if he becomes available. Manchester City's Nedum Onuoha is a defensive option. SL